The Chief Executive Officer of Saudi energy giant Saudi Aramco, Amin H. Nasser, has warned that the ongoing Middle East war could trigger “catastrophic consequences” for global oil markets if disruptions to energy supply continue.
Nasser raised the alarm while speaking during a media call to announce the company’s latest financial results, stressing that the continued closure of the Strait of Hormuz — a critical global oil shipping route — is already causing severe disruptions across multiple sectors of the global economy.
According to him, the strait, which typically carries about 20 per cent of the world’s oil supplies, must be reopened urgently to stabilise international energy markets.
“The disruption has caused a severe chain reaction not only in shipping and insurance, but there’s also a drastic domino effect on aviation, agriculture, automotive and other industries,” Nasser said.
He warned that the longer the disruption persists, the greater the economic fallout for countries dependent on stable energy supplies.
“There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy,” he added.
The Gulf region has been at the centre of escalating tensions following Iranian attacks targeting United States assets and infrastructure across the region. The attacks were launched in response to US-Israeli military strikes that triggered the broader Middle East conflict.
Beyond military targets, several civilian facilities, including energy installations and airports, have also come under attack.
The escalating conflict has disrupted oil transportation routes and forced major energy producers to halt operations.
State-owned QatarEnergy, one of the world’s largest producers of liquefied natural gas (LNG), temporarily suspended production last week and declared force majeure — a legal measure indicating that circumstances beyond its control may affect its ability to meet export obligations.
Energy producers in Kuwait also issued similar warnings.
Reacting to the development, Qatar’s Foreign Ministry spokesman Majed al-Ansari cautioned that continued attacks on energy facilities could trigger wider global consequences.
“Attacks on energy facilities on both sides are a dangerous precedent and will cause repercussions throughout the world,” Ansari said.
He also condemned Iranian strikes on civilian infrastructure across Qatar and other Gulf states.
The war has already led to several attacks on oil facilities across the Gulf.
Iranian strikes targeted energy installations including Saudi Aramco’s Ras Tanura facility, one of the Middle East’s largest oil refining complexes, forcing partial suspension of operations.
Saudi oil fields were also reportedly hit during the escalation.
In the United Arab Emirates, authorities confirmed a drone attack that sparked a fire at an industrial zone in Abu Dhabi’s Ruwais Industrial City, which houses major energy infrastructure.
In a statement posted on X, the Abu Dhabi media office said emergency responders were managing the incident.
“Authorities in the Emirate of Abu Dhabi are responding to a fire at a facility within the Ruwais Industrial City caused by a drone attack. No injuries have been reported so far,” the statement said.
Authorities did not confirm whether critical energy infrastructure was damaged.
Elsewhere, Bahrain’s Al-Ma’ameer oil facility was also struck, triggering a fire and causing damage.
Meanwhile, Saudi Aramco reported a decline in its financial performance amid global market pressures.
The company posted a net income of $93.38 billion in 2025, compared to $106.24 billion two years earlier.
Adjusted net income also dropped to $104.65 billion, down from $110.29 billion, representing a 5.1 per cent decline.
The company attributed the drop partly to increased global oil supply coordinated by the OPEC+ alliance, as well as tariffs and broader economic headwinds.
Despite the decline, Aramco announced its first-ever share buyback programme worth up to $3 billion over 18 months.
Nasser, however, stressed that restoring stability in the Strait of Hormuz remains the most urgent priority for the global energy sector.
“It’s absolutely critical that shipping resumes in the Strait of Hormuz,” he said.
